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CHAPTER 7MARKET SEGMENTATION, TARGETING, AND POSITIONING FOR COMPETITIVE ADVANTAGEMULTIPLE CHOICE QUESTIONS1. At one time, firms scattered their marketing efforts (a shotgun approach) to reach consumers.
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How to fill out market segmentation

01
Identify your target audience: Determine the specific group of customers you want to target based on their demographic, geographic, psychographic, and behavioral characteristics.
02
Gather data: Conduct market research to collect relevant data such as customer preferences, purchasing habits, and industry trends.
03
Segment the market: Divide the target audience into distinct segments based on shared characteristics and needs.
04
Define segment profiles: Develop detailed profiles for each segment, including information on their age, gender, income, interests, and other relevant variables.
05
Evaluate segment attractiveness: Assess the potential profitability and viability of each segment to prioritize your resources and efforts.
06
Develop marketing strategies: Create tailored marketing strategies and tactics for each segment that address their unique needs, preferences, and challenges.
07
Implement and monitor: Execute your marketing plans and continuously monitor the performance and response of each segment to make necessary adjustments.
08
Review and refine: Regularly review your market segmentation approach and refine it based on new data, changing market dynamics, and customer feedback.

Who needs market segmentation?

01
Companies launching new products or services: Market segmentation helps identify the target audience and develop strategies to effectively reach and persuade them.
02
Small businesses with limited resources: By focusing their efforts on specific customer segments, small businesses can optimize their marketing budgets and achieve higher returns on investment.
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Existing businesses looking to expand: Market segmentation helps identify new growth opportunities, target untapped customer segments, and tailor marketing activities to increase market share.
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Marketing professionals: Market segmentation provides valuable insights and information that can be used to develop targeted marketing campaigns and personalized messaging.
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Start-ups and entrepreneurs: Understanding the market segments helps start-ups validate their business ideas, attract investors, and create competitive marketing strategies.

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Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics such as demographics, behavior, geography, etc.
Businesses or organizations looking to target specific groups of customers or create more personalized marketing strategies are required to file market segmentation.
Market segmentation can be filled out by conducting market research, analyzing customer data, and identifying common patterns or traits among different customer groups.
The purpose of market segmentation is to better understand customer needs and preferences, improve marketing efficiency, and increase sales and profitability.
Market segmentation reports typically include details on the segmented groups, their characteristics, buying behavior, and potential marketing strategies.
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